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Newswire : House passes tax bill raising deficit by $1.7 trillion

WASHINGTON, D.C. – On Thursday, the House of Representatives passed Republican tax legislation, which will add $1.7 trillion to the national debt according to estimates by the Congressional Budget Office. Analysis by the Tax Policy Center shows that 36 million middle-class and working families, or more than one out of every four taxpayers nationally, will experience a tax increase under the tax bill by 2027.

“The Republican tax bill which passed the House today is nothing more than a giveaway for corporate special interests at the expense of America’s working families,” said Rep. Sewell. “By eliminating popular deductions like the student loan interest deduction and the medical expense deduction and by limiting mortgage interest deductions for homeowners, this bill betrays our middle-class families. This legislation pays for unsustainable tax breaks by erasing proven economic incentives that distressed communities rely on, like the New Market Tax Credit, the historic tax credit, private activity bonds, and bond provisions that cities and municipalities rely on to fund the construction of public projects.

Our tax code is a reflection of our values, but this legislation values special interests over the economic interests of our constituents. This will add $1.7 trillion to the deficit which is likely to result in massive cuts to programs like Medicare, SNAP, and Social Security. While today’s bill is a raw deal for Alabama’s working families, I will continue fighting for real tax reform that benefits all Americans.”

During the markup of the Republican tax bill in the Committee on Ways and Means, Rep. Sewell offered three historically bipartisan amendments. All Democratic amendments, including the three amendments offered by Rep. Sewell, were rejected without a single Republican vote.